Walgreens Gainesville,Florida

$8,087,000
Property type:Single-Tenant Net Lease

The space

  • Price: $8,087,000
  • Rentable Square Feet: 15,243
  • NOI: $465,000
  • Price PSF: $530.54
  • Land Area: 1.35 Acres
  • Year Built: 2008
  • Lease Guarantor: Corporate
  • Lease Type: NNN
  • Option Periods: 50, 1-Year Options
  • Lease Expiration: 7/31/2033

Description

5171 NW 43rd Street
Gainesville, FL 32606

Investment Highlights

  • Long Term Lease With More Than 13 Years Remaining on Term
  • Absolute Triple Net (NNN) With No Landlord Responsibilities
  • Assumable Loan Available; Interest Only; Provides Cash-on-Cash Return of 6.47 Percent at Full Asking Price
  • Rent is Fixed Throughout Base Term and Option Periods
  • Directly Across the Street from Publix Anchored Center
  • Other Surrounding National Retailers Include Ace Hardware, Wells Fargo, Chase Bank, Starbucks, Subway, McDonald’s and Many More
  • Located at the Intersection of N.W. 43rd Street and 53rd Avenue, with a Combined Traffic Count of More Than 31,500 Vehicles

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens located in Gainesville, Florida. This Walgreens is a corporate, long term lease with more than 13 years remaining on the base term. This is an absolute triple net lease with no landlord responsibilities. The rent is fixed throughout the base term and option periods. There is an assumable loan available, and the loan provides cash-on-cash return of 6.47 percent at full asking price.

The subject property is directly across the street from a Publix anchored center, with other surrounding national retailers including Ace Hardware, Wells Fargo, Chase Bank, Starbucks, Subway, McDonalds and many more. This Walgreens is located at the intersection of N.W. 43rd Street and 53rd Avenue, with a combined daily traffic count of more than 31,500 vehicles. The subject property is four miles from Interstate 75 and Santa Fe College. And five miles from the University of Florida, which is the largest employer in the Gainesville metro as well as the driving force of the local economy.

Walgreens is a public company traded on the NASDAQ as WBA. It is the second largest pharmacy store chain in the United States behind CVS. There are more than 9,500 Walgreens locations in 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

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